Crude oil prices retreated Tuesday for the second straight day after Chinese data showed a contraction in the nation’s manufacturing sector. A January collapse in the Chinese stock market helped push crude oil prices into the $30-per-barrel range as global economic recovery developed too slowly to take in the glut of oil on the market. Prices recovered substantially in April as market watchers said balance was returning, though recent sentiments have pulled on enduring optimism. Financial group Caixin reported Tuesday its view of the Chinese Manufacturing Purchasing Managers’ Index showed a reading of 49.4 for April, a figure that represents a formal contraction for the sector. Weak foreign demand and lingering market concerns at home added […]